Donald Trump’s Social Security check
Sean Williams of The Motley Fool writes a captivating piece that speculates what the president may be collecting, though it is not known for sure if Donald Trump claimed benefits at age 62, 70, in between, or even at all. By law, the president is also entitled to claim a “Barron bonus,” so nicknamed after his twelve year old son due to a little known provision that allows retirees with dependent children under 18 an additional benefit. Assuming, as is likely, that the president’s income for 35 years exceeded the earnings cap (now $128,000 a year) and he waited until age 70 to reap the highest possible benefit, when added to the “Barron bonus” Donald Trump’s Social Security benefit would amount to almost $66,000 per year. As Williams notes, this is significantly more in Social Security income per year than the average household receives in median wage income and thus highlights the need for structural reform when 3 out of 5 workers rely on the program for 50% or more of their income and the program is headed for insolvency in just over a decade. Read the piece here.
The Association of Mature American Citizens (AMAC) has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act,” taking selected portions of bills introduced by Rep. Sam Johnson (R-TX) and Rep. John Larson (D-CT) and merging them with the Association’s original legislative framework to create the new Act. AMAC proposes modest changes in the retirement age and in the benefit formula to protect the lowest earners. AMAC is resolute in its mission to get the attention of lawmakers, meeting with a great many congressional offices and their legislative staffs over the past several years. Learn more about AMAC’s Social Security Guarantee here…